Virtuals Protocol Revenue Craters by 95%

The daily revenue generated by the AI agent launchpad Virtuals Protocol peaked at $1.1 million on Jan. 2, but has plunged to just $35,000 as of Feb. 27, as per Dune Analytics data.

Virtuals Protocol’s revenue from its flagship app deployment on the Base Layer 2 network has been weak, with earnings remaining under $1,000 for 10 consecutive days.

Solana Expansion Flops

Virtual Protocols is an AI agent platform enabling the creation and monetization of AI-driven virtual entities on the blockchain. Despite expanding from Coinbase’s Ethereum Layer 2 Base to Solana, Virtuals Protocol isn’t gaining volume.

The continuous drop in revenue and volume is driven by low demand for new AI agents on Virtuals Protocol. The daily AI agents created on the platform have consistently remained below 10 per day.

Virtuals Protocol’s native token (VIRTUAL) has dropped over from $1.29 earlier this week to $1.06 today, according to Coingecko data. It’s down 78% from its January all-time high of $5.07.

The token has been battered amid a broad selloff in crypto markets, as Bitcoin is down by 17% over the last month. VIRTUAL has plunged more than 45% in the same period.